This invention relates to a data processing method and system for releasing the value of an asset. More particularly, this invention relates to a data processing method and apparatus for administering a program for making available in cash form to the owner of an asset at least part of the value of the asset. The invention thus enables production of income from assets that are not normally income-producing, or the increase of income from assets that already produce some income.
Many types of assets--e.g., homes, works of art, precious metals and gems--fluctuate in value over time. Most of the time, these assets, particularly homes and works of art, increase in value over time. However, while this increase in value results in an increase of the net worth of the owner of the asset, the owner cannot actually gain access to his increased wealth without disposing of the asset. For some types of assets--e.g., precious metals--which are not held for enjoyment, this does not present any difficulty. However, for an asset held to be enjoyed, especially a home, it is impractical to dispose of the asset to gain access to its increased value.
There are a number of annuity-type schemes on the market intended to resolve this situation. However, some require immediate transfer of ownership, so that, if the asset is a home, one must become a tenant in one's own home. Others base the annuity on substantially discounted mortgage proceeds.
It would be desirable to be able to provide a program whereby the owner of an asset can gain access to the value of the asset without relinquishing ownership or control of the asset during his lifetime.